In order to ensure the full and faithful completion
of all land development activities related to compliance with all
conditions set forth by the City in its approval of the stormwater
pollution prevention plan, the City may require the applicant or developer
to provide, prior to construction, a performance bond, cash escrow,
or irrevocable letter of credit from an appropriate financial or surety
institution which guarantees satisfactory completion of the project
and names the City as the beneficiary. The security shall be in an
amount to be determined by the City based on submission of final design
plans, with reference to actual construction and landscaping costs.
The performance guarantee shall remain in force until the surety is
released from liability by the City, provided that such period shall
not be less than one year from the date of final acceptance or such
other certification that the facility(ies) has been constructed in
accordance with the approved plans and specifications and that a one-year
inspection has been conducted and the facilities have been found to
be acceptable to the City. Per-annum interest on cash escrow deposits
shall be reinvested in the account until the surety is released from
liability.
Where stormwater management and erosion and
sediment control facilities are to be operated and maintained by the
developer or by a corporation that owns or manages a commercial or
industrial facility, the developer, prior to construction, may be
required to provide the City with an irrevocable letter of credit
from an approved financial institution or surety to ensure proper
operation and maintenance of all stormwater management and erosion
control facilities both during and after construction, and until the
facilities are removed from operation. If the developer or landowner
fails to properly operate and maintain stormwater management and erosion
and sediment control facilities, the City may draw upon the account
to cover the costs of proper operation and maintenance, including
engineering and inspection costs.
The City may require entities subject to this
chapter to maintain records demonstrating compliance with this chapter
for a period of seven years from removal of the facilities from operation.